CALVERT DECLINES TO TESTIFY March 3, 2010 FORMER Cazenove partner Malcolm Calvert standing trial at Southwark Crown Court for 12 counts of alleged insider dealing declined to give evidence in his defence yesterday. Calvert is accused of using secret information gleaned from a source within Cazenove to instruct an accomplice to buy shares ahead of six takeovers. The Financial Services Authority is [...]
Standard Chartered books a record year March 3, 2010 STANDARD Chartered has powered to a seventh successive year of record profits and earnings. It credited strong recovery in its core Asian and African markets for a 13 per cent increase in pre-tax profits to $5.15bn (£3.4bn). Revenue shot up nine per cent to $15.2bn, buoyed by each of its divisions in Korea, India, Singapore [...]
Peter’s just perfect but Walcott’s gone awry March 3, 2010 ON a night where teamwork and unity among the England ranks were very much under the spotlight, it was the individual performances of Fabio Capello’s squad which grabbed the headlines. With the World Cup just over three months away, Capello still has plenty of decisions to make with a number of positions still up for [...]
Sands does it again despite hard times March 3, 2010 IT’S almost impossible to believe. Despite the worst recession in a generation and the near-implosion of the global banking sector, Standard Chartered yesterday celebrated a seventh consecutive year of growth. Shrugging off the contraction in worldwide GDP, the Asia-focused bank booked record profits of $5.1bn (£3.4bn) thanks to strong performances from Hong Kong and India. [...]
Employees reap a $4.9bn pay day March 3, 2010 STANDARD Chartered dished out a $4.9bn compensation package for its employees as it announced record profits. Its remuneration ratio is 32 per cent of its $15.2bn revenue – slightly down from the 34 per cent handed out the year before. It works out at $64,000 for each of its 77,000 staff. The amount given in [...]
EasyJet boss is a good fit for Whitbread March 3, 2010 WHITBREAD has appointed Andy Harrison, the former easyJet boss, as its new chief executive. He will replace Alan Parker who spent six years at the head of the group, which counts Premier Inn, Beefeater and Costa Coffee among its businesses, and 18 years at the firm in total. Harrison beat other potential candidates including Carl [...]
Glazers hit back in Knights row March 3, 2010 MANCHESTER United’s under-fire owners, the Glazer family, are said to have complained to Goldman Sachs chairman Lloyd Blankfein over the conduct of chief economist Jim O’Neill in his efforts to seize control of the club. O’Neill, a lifelong United fan, is spearheading the Red Knights group of City financiers who are plotting a crusade to [...]
Virgin bags a 75pc stake of Assura Medical March 3, 2010 VIRGIN has fulfilled its long-term ambition of entering into the medical and healthcare sectors after acquiring a 75 per cent stake of Assura Medical. Under the deal, the new healthcare arm of Sir Richard Branson’s empire, Virgin Healthcare, will take control of Assura’s walk-in centre practice after coughing up £4m for the business. Assura will [...]
Carillion sees profits surge March 3, 2010 CARILLION has recorded a 16 per cent increase in profit thanks to a strong performance from its Middle East business. The British building and support services group yesterday revealed an underlying pre-tax profit of £182.2m in 2009, beating analysts expectations of £176.9m and up from £157.5m it posted in 2008. The company has defied the [...]
Daniel Stewart bolsters cash position before growth drive March 3, 2010 INCOMING Daniel Stewart boss Adam Wilson yesterday gave a bullish update on the state of play at the stockbroker, as it unveiled a £2m fundraising deal to complete the restructuring of its balance sheet. Daniel Stewart has conditionally raised £0.5m by placing 25m shares with investment firm Brainspark, giving it a 6.66 per cent stake. [...]
